2023-11-15 05:50:34

False BlackRock ETF Rumors Wipe Out Over $7 Million XRP Traders

XRP investors found themselves in a tough spot as losses totaling $7.26 million unfolded due to misleading rumors about a BlackRock ETF. These losses marked the fourth-largest among major cryptocurrencies, trailing behind bitcoin, ether, and Solana.

The tumult began when XRP’s price experienced a sudden uptick, surging from 65 cents to 73 cents. The catalyst behind this shift was a deceptive tweet suggesting that BlackRock had filed for an XRP ETF.

Unfortunately, the information proved to be false, but not before triggering a temporary spike in XRP prices.

As the truth about the fake ETF filing surfaced, XRP witnessed a sharp decline in its value. This abrupt downturn caught many traders off guard, especially those who had placed substantial bets on XRP’s upward trajectory.

Notably, over 75% of the liquidations were attributed to traders who had anticipated a continued rise in XRP prices.

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